Transocean Ltd. announced that Murphy Exploration & Production Company - USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. The rig's contract was scheduled to end in November 2016. Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for operating costs.

About Transocean

Transocean (NYSE: RIG) (SIX: RIGN) is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.

Transocean owns or has partial ownership interests in, and operates a fleet of, 61 mobile offshore drilling units consisting of 28 ultra-deepwater floaters, seven harsh-environment semisubmersibles, five deepwater floaters, 11 midwater semisubmersibles, and 10 high-specification jackups. In addition, the company has six ultra-deepwater drillships and five high-specification jackups under construction.

About Murphy Oil

Murphy Oil Corporation (NYSE:MUR) is an independent exploration and production company with a strong portfolio of global offshore and onshore assets delivering oil-weighted growth.
Murphy produces oil and/or natural gas in the United States, Canada, and Malaysia and conducts exploration activities worldwide.
Headquartered in El Dorado, Arkansas, Murphy has over 1,500 employees around the world.